Boot Barn Holdings Inc. reported earnings jumped 45.2 percent in its fiscal fourth quarter ended Mar. 28, to $2.6 million, or 10 cents a share. Revenues climbed 16.7 percent to $103.3 million.

The sales gain for the retailer of western and work-related footwear, apparel and accessories was due to contributions from 18 new stores opened during the year and an increase in same-store sales of 7.0 percent, which include e-commerce sales. Boot Barn closed the year with 169 stores in 26 states.

Gross margins improved to 32.9 percent of sales from 31.1 percent in the same period a year ago. The year-ago period included $1.1 million of one-time costs associated with the March-2013 acquisition of Baskins. Excluding such one-time costs, adjusted gross margins were up 50 basis points from 32.4 percent year ago. The 50 basis point increase in adjusted gross margin rate was driven by an increase in merchandise margin reflecting increased penetration of private brands and improved mark-up across the store. This increase was offset primarily by increases in store occupancy costs and depreciation expense associated with the acceleration of new store openings compared to the prior year period.

Operating income jumped 62.5 percent to $7.8 million, which includes $0.5 million in secondary offering costs, from $4.8 million in the prior year period, which included $1.6 million of expenses related to the Baskins acquisition and a $1.2 million loss on disposal of assets. Excluding those non-recurring items, adjusted income from operations improved 9.6 percent to $8.4 million.

Pro forma adjusted net income increased 25.7 percent to $19.9 million, or 76 cents a share, exceeding the high end of the company’s estimate range between 67 and 70 cents a share. Pro-forma results exclude costs tied to acquisitions as well as costs and debt reduction tied to its November IPO and March 2015 secondary offering.

For the full fiscal year, sales increased 16.4 percent to $402.7 million. Same store sales grew 7.3 percent. Net income more than doubled to $13.7 million, or 54 cents a share, from $5.4 million, or 28 cents, in the prior year. Pro forma adjusted net income jumped 25.7 percent to $19.9 million, or 76 cents a share.

“We continue to invest in strengthening our management team and building our infrastructure to support future growth,” said Jim Conroy, CEO. “As we look to fiscal 2016, we will continue to build upon this strong foundation to strengthen our business in the years to come.”

For the fiscal year ending March 26, 2016, Boot Barn expects to open 22 new stores, with 13 expected to open in the first half of the fiscal year. Same-store sales growth are expected in the low-to-mid-single digits. EPS is expected to range between 81 and 86 cents a share, up from 72 cents in fiscal 2015 after adjusting for public company costs.